Over the past few years, one of the many banking products that have managed to penetrate deep into the customer base of India is a credit card. In 2019 alone, the number of credit cardholders in India was around 52 million, and it has been continuously growing with each day. With a credit card, customers can enjoy the facility of paying later for a thing that they want to purchase now. But people who don’t have a credit card yet often ask the method to choose the best credit card in India.
Since there are several lenders both public and private banks provide the credit card facility to customers, an individual cannot choose a credit card without looking at his or her needs. There cannot be a single credit card for everyone. Different people have different spending habits, and according to this, they choose a credit card. We understand this problem and that’s why we will be discussing some of the important factors that contribute to making a credit card the best credit card in India. In this article, you can know about those factors that you should check before choosing a suitable credit card for yourself. Keep reading!
Factors that make a Card the Best Credit Card in India
There are a few important tips to select the best credit card in India according to your requirements. If you choose a credit card based on the benefits that do not relate to your spending habits, it will be a waste to you. We are showing some of the factors that can help you choose the suitable card for you. Have a look!
Joining and Milestone Benefits
Several lenders provide a wide range of benefits in the form of gift vouchers when you join a credit card. These joining benefits can be availed by an individual as soon as he or she pays the joining fees. The most important thing you need to remember while choosing the best credit card in India is to check the joining benefits you will get with your credit card. It would be wise for you to choose the most suitable one according to these benefits. Apart from joining benefits, credit cards also provide milestone benefits that individuals can enjoy by spending to a limit fixed by the lender.
Category of Credit Card
Banks offer credit cards in different categories like travel, entertainment, shopping, fuel, dining, etc. So, let’s say you are someone who likes to travel personally or for business purposes, a travel credit card would be suitable for you rather than any other category of a credit card. The best credit card in India for yourself depends on the category in which you spend most. Banks also offer co-branded credit cards that are associated with several brands such as Big Bazaar, PayTM, etc. Do remember that these credit cards only provide benefits when you spend on partnered brands.
Reward Points Program
Credit card providers give reward points for using your credit card in different categories. It may be possible that it will be giving more reward points in a certain category as compared to other categories. So, it’s important to choose the best credit card in India for yourself accordingly. Each reward point carries a certain value with which you can pay your bills or redeem some vouchers.
Interest-free Easy EMIs
If you want to make big purchases with your credit card on interest-free EMIs, you must check this facility before choosing a credit card. Purchasing a product without No Cost EMI can eat all your savings due to the higher interest rate, so you must choose a credit card that offers the facility of converting your big purchases into zero cost EMIs.